>> welcome to "daybreak australia." markets have just come online. >> i am annabelle droulers in hong kong. apple shares lower despite the first revenue gain in a year. china sales slumping the lowest since 2020. continuing to see long-term opportunity. a strong forecast with a share buyback and its first dividends. amazon's outlook also pleasing investors. we will hear exclusively from the nvidia ceo that is driving demand for their chips. haidi: just crossing the bloomberg. we are seeing sloping more than expected.

expectations were for south korea inflation to slow for the january reading. it has come in at 2.8%. significant from the three point 2% we saw in the prior period. zero point 4% matching expectations. if you strip out certain elements, we see an inflation rate of 2.5%, lower than the 2.7%, back from 2.8% in december. still seen as too high for the bank of korea's liking but it appears food prices are rising. price at the pump is falling. what did you hear from the governors thing inflation remains the most important task for the central bank. they will be watching that very closely. let's get you to how we are setting up with markets in australia, just coming online.

we are watching when it comes to materials. concerns over price volatility as china enters off-peak season. we are seeing quite a flat start, a little bit of downside when it comes to some of the minors -- miners. watching the aussie dollar, pretty steady at 6574. we saw treasury yields slipping on renewed concerns about the health of u.s. banks. we also had fed expectations in the mix with the be ok leaving policy rates unchanged. setting up when we get into the start of trading in other asian markets. this is the set up with japan. we are expecting this to be a

quieter end to this week as we have the focus when it comes to the big tech earnings driving the narrative today. annabelle: not a quite into the week on wall street because there are movers we are tracking. amazon, meta giving bullish numbers to the market across a variety of metrics. i do not want to get into too many details. we are seeing the drop for apple. it had some pretty good numbers overall but investors and traders focusing on the china figures, we did see a bit of weakness. concerns around the health of the iphone demand coming from mainland china. intel, we are seeing shares dropping but that is not in earnings story. reporting coming from the wall street journal saying they are delaying a $20 billion chip

plant in ohio and they will see completion in 2026. intel kicked off its reporting period earlier this week, share price down 10% in reaction. let's take a look at how broader futures are coming online today. the nasdaq pointing to further gains in the session and futures so far up nearly 1% at this point in time. u.s. futures as well. we are trading at the key 4900 mark. a lot of investors are optimistic. oil, fairly choppy trading session yesterday. we are seeing in a little bit higher. a company closing 3% above its u.s. ipo price. it was a first-time time share sale for the company. the biggest one we have seen

since birkenstocks $1.5 billion listing last year. it is the focus on the earnings story. let's bring in our bloomberg originals host emily chang. we know you spoke with a cfo. let's start with what they said about china and the revenue decline. what did you hear exactly? emily: we are seeing a meaningful decline. this was some want to be expected. he said the iphone did better and has declined less than other some product categories. they had a record install base. they had a strong growth in upgraders. one he said was we are not happy with the decline but we know china is the most competitive market in the world and we see significant opportunity in china over the long-term. obviously this is an incredibly

important market and i was just listening into the call and they were highlighting growth and they were highlighting growth in other emerging markets like india. tim cook, the ceo, specifically called out india. definitely not good news what the are seeing in china but there is the potential for other markets to pick up some of the slack. haidi: what was the messaging around the health of the iphone overall? there are a lot of concerns in terms of how broad demand will hold up? emily: longer replacement cycles , in china specifically. we heard they are cutting the price of the iphone. there is a ban on workers using foreign technology at work. in general the iphone, still has a record number of installs globally and a record number of upgraders. strong double-digit growth in many emerging markets. the iphone is not necessarily

the problem here. when you look at some other product categories, we saw the big decline in sales muddled in china but in the ipad, wearables home and accessories. the quarter was one week shorter than the quarter a year ago. they also talked about some currency issues. they missed on mac and services but they hit an all-time record on services. that is why you are seeing the weakness in the stock after hours. annabelle: what is pretty cool is the numbers coming on the eve of a launch of a new headset and you got to try it out, the vision pro. what did you think about it? emily: i thought it was pretty cool. i know i am a journalist and i am supposed to be skeptical but there are so many innovations packed into this device. some of the things that are the most amazing are the most basic.

the fact you can look at a virtual button and tap your fingers and it opens and you are in a room with dinosaurs or you are driving a race car or standing on first base in a baseball game. it is so vivid and so real. i love the family photos and videos. if they are shot in spatial mode they show up in 3d. it is moving. that said, this is a $3500 device. it can be an isolating experience. it is not an easy device to share because you have to change the band that goes around the headset itself. the real question is, are developers going to show up to the party? what is the killer app going to be? netflix and youtube are not developing a division -- vision pro app yet. we do not know what the main use case will be yet. he called out the enterprise and talked about have a lot of

companies are already developing for the vision pro and are excited. that is something tim cook echoed later on the call. we will have to see what happens when they start selling in the u.s. they have a lot of preorders. it is already on back order. this will be a niche product for the foreseeable future and it will be a long time before it could be something bigger than that and the price would have to come down. haidi: working with dinosaurs. emily: it was pretty cool. you got to touch the faces of the dinosaurs. [laughter] they were breathing, it was intense. they show you rock climbing and you get the fear of heights because you look down and it feels like you are standing on the edge of a precipice. [laughter] i do not want to underestimate how strong technology can be but will this be a blockbuster device? that is what we do not know yet. haidi: emily chang of bloomberg originals.

aside from apple, we almost -- also saw apple and meta giving updates. we are joined. bloomberg intelligence, what are the drivers for you? >> amazon proved it can continue to grow on all fronts. what stood out was three things. a 9% sales gain was very impressive and was an acceleration over previous quarters. also, the 20% third-party sales they showed an increase was sizable. we expected mid-teens gains. the fact they delivered 20% shows seller's flock to amazon to get eyeballs. that combined is ammunition for them to continue to grow sales into 2024.

the online business growing, what it brings with it is very lucrative is the advertising business. the digital advertising grew 27%. that is a sharp acceleration from the low 20% that we have seen. it is one of the largest contributors to profit. if you look at the profits they reported, they were the best ever, especially in north america. that is due in part to the strength we saw in advertising and the gaining momentum we saw in the cloud business. annabelle: i want to pick up on the cloud business because we saw it rebounding after several disappointing quarters. do you think there are any doubts it will be able to hold their own against rivals in the market? poonam: i think the cloud business is only poised for upside. we expect them to accelerate into the high teens. if you look five years out, the cloud business is lucrative. right now the margins are near

30% but we think the profile can go up near 40% from the cloud business could be much bigger than it is today. amazon is clearly making the right strides to lure businesses onto its cloud platform and we think it will remain dominant. annabelle: kurt has the meta earnings. what stood out was the first dividend. was this expected by the market? tell us what the significance is of it. kurt: it was not expected. it is a big deal because 2023 for meta was a year of efficiency. they were cutting jobs and cutting back on investments. the signal that they are in a place, business-wise, that they can give back to investors. they announced another $50 billion approval for a share buyback. there is an effort to convince investors that even though we have slimmed down, there is

still a lot of return for you to buy into this as we move forward into the ai and the metaverse. haidi: there will be some differences in terms of how meta reports its numbers going forward. . for the longest time we were focused on the use of numbers but that is no longer the highlight. kurt: it is not. they will stop reporting the daily and monthly users for facebook. they will stop reporting the monthly active users for their family of apps. they will focus on things like how much revenue are they making per user appeared they will focus on other efficiency elements of the business. this is something they have been warning about for a couple years. we expected when this happens that it is on sign that facebook has plateaued. they do not want to continue to roll these numbers out if they will not get bigger.

i imagine they are starting to reach that point. as they expand into other technologies and business lines, it makes sense they would not just focus on the one core social network we are all used to. haidi: pretty big numbers out. amazon and meta both rising after hours. annabelle: that was poonam goyal and also reporter kurt wagner. coming up, we will take a look at the wider markets with -- why they expect trading in the first half of the year. we will get more on the outlook next. this is bloomberg. ♪ and your store was also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com

>> we do not think the trade is to go to lower quality. to go for the lower quality

cyclicals, that is a recession trait. you need a clearing event. that was are called in 2020. and that worked well. do not overthink it. you need to buy high quality growth stocks. haidi: that is morgan stanley chief. speaking of the magnificent seven, our next guest, max wasserman is the portfolio manager at miramar capital. great to have you with us. we have earnings under our belt. what did you learn and how does that inform about how you feel about the return to a never a focus in this market? max: i think some of the earnings have been great. you look at what happened with microsoft. basically 16% increase in revenue, 28% increase in earnings-per-share. six points of that was basically ai. you are hearing good numbers from meta, amazon.

the one caveat is you are not hearing great numbers from apple. we have an investment in apple. it is looking like the slover technology of all of them. haidi: how does the fed's timing feed into this? max: the market pulled forward a lot of earnings and technology. the market is anticipating three to four cuts by mid june. we do not think the fed will be cutting until the second half of the year. maybe we will see 50 to 75 basis points toward the end of the second half. the market is overly optimistic. given the fact that technology had such a big run since october, we think it is ahead of itself right now. annabelle: how does that set you up for trading over the course of the first half if some of those returns have been pulled forward in these numbers?

max: we think the market in general is fairly valued but it is skewed in the indices because of large cap tech. we think there is a lot of opportunity. we like some of the financials, selectively. we like industrials. we think outside of tech, the market is fairly valued and there is more opportunity. annabelle: we talk about the s&p 493 without the magnificent seven in the mix. two investors need to be positioning for any sort of downturn? do you need to be moving to cyclicals? max: that is a great question. we think investors should look to shorter duration assets, dividend stocks and shorter-term bonds, one to three year treasuries. we think risk will come. the valuations are so high in anticipation of interest rate cuts, we do not believe it will materialize.

we think inflation will be stickier on the way down versus the way up. we think there are opportunities but not just a focus on the top seven technology stocks. there is a whole area of the market, cyclicals, financials, there is some opportunity because nobody has been looking at that area. they have been focusing on the technology area, which is an interesting to his sick -- interesting statistic. you only have 6% annual return versus the s&p, which has given you almost 9%. technology is catchy -- we like it and have investments -- we think it is ahead of itself and there are better areas to be looking. haidi: amazon is clearly doing well. are you more concerned about a lack of predictability when it comes to the consumer? max: i think when you look at b to be, more consistency. the consumer, they are tapped out but still spending heavily

and credit is high so we think it will take them a little bit. they will benefit in the second half when you see interest rates come down. we think it will be much more of a stock selection area while the consumer tries to find their footing. they are spending on experiences and less on capital goods. we think that creates opportunity in the long term. haidi: there is an extraordinarily high level of geopolitical risk at the moment going into the end of last year and 2024. as it surprise you how good investors have been about this and is this a risk we perhaps should be assigning more attention to? max: political instability is always there but it is heightened right now. the middle east, asia, eastern europe, absolutely. what clearly moves the market on a long-term or intermediate basis is fed policy. you can have shocks to the system but they tend to be

shocks. it is the federal reserve, credit availability, monetary policy that affects the market the most. you can be aware, you can have a spike in oil with a problem in the red sea but those will be short-lived. you might have a bigger move if you have a geopolitical issue but we think that would be short-lived. annabelle: something that could have the potential to move markets would be the u.s. elections. given the significance of fed policy, if we see an uptick in spending, do you see that having an impact? max: if you started seeing more fiscal spending, you will have more debt. more debt will cause interest rates to go up. that would not be good. the economy is growing right now. but if you put too much more debt on it you will have a lot of expenditures of the government servicing that debt and that could slow the economy down, which in turn would cause the fed to try to cut interest

rates to lower service costs and that would stimulate. you could see some problems ahead with the u.s. debt and that is a problem. right now the market does not seem to care. by the way, we know the fed will cut. it is not if, it is when. the market will anticipate that. you could get some rocking this for the first quarter or two. haidi: that was max wasserman, founder and senior portfolio manager at miramar capital. annabelle: you can get around up in today's edition of daybreak. terminal subscribers go to dayb (go). you can customize your settings. this is bloomberg. ♪

>> i think we have now changed the question. how restrictive do we need to be , how long do need to be restrictive? that is important to take the upside bias off. a new risk is reflective on the impact it can have from the red sea. i think now the question is, how long do we need to maintain going forward? we are not making predictions at this point. annabelle: that is andrew bailey speaking with bloomberg tv after the central bank's decision to keep its key rate unchanged. opening the door to rate cuts. that was the focus of that meeting. it was reportedly the widest

division in the report of policy we have seen for the bank in a number of years. on the nine-member voting committee, 2/3 wanted to keep the rate steady but two voted to hike and one of those wanted to cut. we are seeing it move a little bit in the session. currency is a bit stronger against the greenback. the pboc said it provided 20 two projects last month. the pledge program to manage the impact of its worse property downturn on record. authorities have been stepping up policy support for the sector. coming up, analysis on the latest tech earnings. we discussed china'

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>> you are watching "daybreak

australia." taking a look at some big tech names. we had apple, meta, amazon reporting after the bell today. some pretty divergent directions. apple in the red. sales to china was the key weakness for the company. sales dropping 13% in the three months ending december. quite short of what analysts had been expecting, $23.5 million. around $3 billion difference. two the flipside, amazon and meta both delivering very bullish numbers. meta standing up with a near 15% gain. let's get more with scott kessler, global sector lead for media, telecommunications. we were just talking during the break about meta being the

company that is really standing out to you. why is that? scott: earnings season is relatively young at this point. i could argue it has been less than a week that we have seen major companies reporting december results. i think prior to the results we are talking about, microsoft was probably held out as the company that delivered most significantly across a number of different dimensions, whether you are looking at revenues, revenues across multiple segments within the business, margins, etc. but if you look at meta, meta's revenues were up 25% driven by strength in advertising. it seems like the company is not just back on track what really executing strongly. i think it is a testament to two things. one is the company's ability to

focus and pivot on what is most important. and then of course wrapping up their so-called year of efficiency in 2023. that really help them from a margin perspective. haidi: if you were to go back to october of last year, we heard from meta executives who were saying global uncertainties could be something that would weigh on revenue. meta did a lot better than alphabet, which also gets a lot of revenue from digital advertising and is also investing heavily in ai. scott: it is hard to understand at this point the distinctions in terms of why meta perform so well but yet alphabet was more mixed. i think it is fair to say if you look at alphabet's -- surge in advertising revenue performance, it was good but not

as good as some people might have hoped and some expected. in the case of meta, it seemed like the results were not just good, they were very good, in excess of just about everyone's expectations that are looking up and following this company. i think there are a couple conclusions that one could drop. one obvious one is meta has been more focused on monetizing some of its more emerging assets, most notably reels, a short form video product. they seem to be doing really well. we have heard from experts time and time again that that only were they performing well, but the future looked bright when it came to reels, even though there has been an uphill battle as the product competes with tiktok. it seems like that particular offering is performing really well. on the other hand there are

questions around youtube and youtube shorts, which is obviously alphabet's entrance into the short form video race. i think that is one way to distinguish among the two companies and how they have performed over the quarter. haidi: meta is taking a longer term view as how it strategizes on ai. do you think the availability of these large language models for free will at some point irk investors that want more of a monetization strategy when it comes to artificial intelligence? scott: right. if you are talking about meta more specifically, it is fair to say they are taking a more pragmatic approach. . a couple indications of that, if you think back two-plus years ago when the company renamed itself meta platforms and reoriented around the metaverse, created two segments, family of

apps and reality labs, it seems obvious they have been pulling back investment from that reality labs segment and nothing could be a stronger indication of that than the fact that mark zuckerberg -- i guess it was now one week or two weeks ago he publicly announced that the ai group that consists of roughly 1000 people was going to be realigned under the family of apps, which tells me that really what ai is going to be at meta is kind of supporting and helping those existing products and offerings with enhanced functionality when it comes to ai. it seems to me here that the goal is to really prop up and squeeze as much opportunity out of what meta is already doing when it comes to existing

businesses and solutions. i think that is pretty noteworthy as people wonder whether this is capital well allocated, so to speak. haidi: apple was a lot less in terms of the good news. if this just a china demand story are there other existential issues with product demands? scott: i think it is fair to say that for years and years, people could point to the law of large numbers being an impediment to apple delivering outsized growth. but the good news is the company did deliver revenue growth for the first time in over a year in the december quarter. however, i think it is fair to say there is a fair amount of, let's call it conservatism and skepticism when it comes to not just the results, but the go

forward kind of opportunities for the company. even a standout segment like services only generated 11% growth. . i think that was less than expectations. i think -- apple has suggested growth will be more allusive over the near term. this is a company that not all that long ago was really generating substantial growth. now i think there are questions about where the growth will come from when you see a mobile phone market that many would suggest is saturated with already very premium pricing. >> scott, really great to have you with us. scott kessler. you can turn to bloomberg for much more on all of the big tech earnings. commentary and analysis from bloomberg's expert editors.

other headlines we are following. universal music has begun pulling music from tiktok after months of negotiations with byte dance failed. universal says the offer was below market value but tiktok calls that a false narrative. the label also said tiktok's adoption of ai tools to generate content is a major threat to artists. the wall street journal says intel is delaying the timetable for its $20 billion chipmaking project in ohio. construction is not expected to finish until 2026. intel had initially targeted chip production in 2025. the plant is also dependent on u.s. grant money. more than 3% of again after the maker of wilson tennis rackets raised almost $1.4 billion. the ceo told us the pricing was

frustrating but believes it only reflects a short-term view. >> basically helped us to really have a good future. internally, our company still has high confidence to continue to grow our business at the right level. the price point, it is a bit frustrating of a starting point but i think it is a short-term view. my management team and i still have a high level of confidence to drive the value for the company and create the best investing in the future. nobody is worried about that. >> what made the ipo and -- attractive option rather than doing it privately? >> we grow the business more

than 20% in the last four years. we build a strong foundation. today from now, we still have also built a very aggressive vision for our future growth. ipo will unleash the potential for us our overall situation and give us more cash flow -- at the pace we want. it is an engine for us to really speed up the whole progress in the future. >> when companies go public, it is very well known they have equity, they have stock to potentially pursue more acquisitions. are you eyeing more opportunities after building such namesake brands and what are the criteria, if so? >> basically, we have a good

level of portfolio brands in our company. the three hero brands. they exceeded one billion u.s. dollars. they are still small players in the market. we see tremendous potential in the future for these three major brands. we will really focus on where we are at this moment and after three years we might see some opportunity outside. annabelle: that was the ceo speaking to bloomberg in new york. we will have more ahead on "daybreak australia." this is bloomberg. ♪ hey, doc, if you had to choose, would you giveanal or run p? oh, run payroll. paying my team with gusto takes just a few clicks. they automatically file my taxes for me too. can i run payroll too? choose payroll without the pain.

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>> you are watching "daybreak australia." annabelle: time for morning calls ahead of the asian trading day. raising the last of their forecasted rate cut in march. goldman sachs, bank of america and barclays see the first easing in may. acknowledging the dramatic -- emphasize the need to see more data to confirm the downward trend. meanwhile, a nobel prize winning economist is playing down the damage that donald trump's plan

would due to the economy. he said trump's idea of a 10% tariff on all imports would not her growth that much. >> a dirty little secret of international trade economics is moderate tariff rates do not -- at least according to our models and as far as we can tell in practice -- do not have huge growth effects. they distort production choices. they do some damage, but to get really big numbers, you would have to get well beyond 10%. of course, if the goal is to eliminate the trade deficit there will be a surprise because tariffs do not eliminate trade deficits unless they get so high as to basically make trade impossible. haidi: a chief strategist mike wilson said investors should be

on the lookout for new themes after the tech rally and spoke to us about the growing impact of ai. mike: it started with the treasury squeeze. it was a generation rally that fed into a stock rally. valuations are stretched again and people are asking, what is next? i think there will be a couple things that will determine the direction. how much deceleration do we get? we will come back to the banking question. to me, that issue is not a systemic issue. it is credit growth. the regional banking system is not lending at the same rate they were because they are constrained. quality stocks will do better. the companies reliant on that kind of funding will continue to see -- that is a paperweight for them. new themes will evolve. last year was about two main themes. can those two themes continue to

drive the stock market? yes, to some degree but there will be new themes. that is what investors are looking for. new themes to latch onto in a world that will remain macro uncertainty. >> can you identify any themes? mike: instead of enablers, we are going to adopters. the gop one is positive and negative. that is a great thing for long-short investors. i wonder if we will get some growth out of the international markets, finally. international economy seven not really recovered from the pandemic yet, for the most part. that is a wildcard. if that were to happen, that could be a great thing. that could be a theme for things levered more toward global growth rather than the u.s. . >> you said you fly around and talk to clients, i noticed your recent travels. you were recently in miami. you talked about the ai stock

saying it is the magnificent four now and related to earnings. who gets dropped? >> i think it is obvious. people have been talking about this. you can identify which stocks are falling off. we look at it as earnings. there is a magnificent one that has real top line acceleration growth and everyone knows what it is and the others have been crosscutting stories. >> nvidia >> >>? yes my sense is we will see a broadening out in quality growth. annabelle: that was the morgan stanley chief equity strategist mike wilson. you can watch us live and see past interviews on our interactive function. . you can dive into any of the securities were bloomberg functions and become part of the conversation by sending us instant messages during our shows. this is for bloomberg subscribers only. ♪

>> taking a look at some corporate headlines we are following. lewis hamilton is joining ferrari next year, leaving his longtime team, mercedes. ferrari said hamilton will join on a multiyear deal. a better-than-expected guidance

for 2024 thanks to a strong -- revenue for the fourth quarter also beat expectations. wall street banks including j.p. morgan and bank of america will be in talks to provide $8 billion for financing for a buyout of doc you sign. deutsche bank is almost -- also among the lenders. it could be the largest leveraged buyout of the year so far. shares of deutsche bank rose after it announced plans for a share buyback and detailed cuts to 3500 jobs. the reductions will include mostly back-office rules. -- roles. >> we have focused our efforts on non-client facing staff. there has been a significant change over the last several years around internalization of activities, investments in technology.

having reached a level of maturity in some of these areas, i think the goal now is to drive efficiency without losing effectiveness. yes, that is where the staff cuts are targeted. annabelle: sticking with financials, analysts will watch the portfolio and blending spreads. for more let's bring in a bloomberg editor. a very busy week for the japan lenders. what are you expecting out of this one? >> good morning. we are expecting quarterly profit to drop mainly due to weakness in trading. that will not derail therefore your outlook which is for profit to rise to the highest in years. i think the bigger picture for

the bigger banks in japan is a bright picture. one where they are riding on the coattails of japan's market recovery, which has been boosting the brokerage business in japan. there is great anticipation that the bank of japan will finally end its negative interest rate policy, which will boost profitability. we have seen japanese bancshares rise over the last year to reflect those expectations. >> a high profit was reported. haidi: talk us through those results. is it closer to meeting its goal when it comes to annual earnings? russell: that is right. solid results yesterday. buoyed by strong lending. they are benefiting from the biggest japanese banks generating overseas. also, it benefited from a rebound in its brokerage unit.

it is still on track for record profits this year, which is a boost for the new ceo. annabelle: that was a huge plunge yesterday for the stock, down 20%. warnings about potential commercial real estate. talk us through what happened and will we see similar moves from other japanese banks? russell: that is right. the main banks sort of chugging along. out of the blue, this mid tier japanese bank booking the surprise forecast, reversing its forecast from a four-year net profit to a loss. reserves booking unexpected losses on its u.s. commission real estate portfolio.

it has become the latest victim. we saw a new york community bank corp. book losses on u.s. real estate, reflecting the downturn, high interest rates, people working from home. analysts are saying the megabanks in particular, very large banks, very diversified, they have huge balance sheets. japan's regional banks are conservative. they have a strong customer base. this bank is carted between the two of them. they are a mid tier bank and they are perceived to have a strategy of making loans overseas -- it is falling back on them. it has raised a lot more attention to japanese bank earnings season and we will be looking for more surprises to come but they are probably unlikely. >> bloomberg's russell ward in

tokyo. haidi: trade opens in korea, japan in just about five minutes. we are seeing the markets, online. watching apple suppliers, up 13% quarterly sales even though total revenue came in stronger-than-expected. there are difficult questions about the product cycle and whether sustained demand when it comes to these big numbers we are used to seeing from apple can continue. coming up, we will be hearing exclusively from the former nvidia ceo on driving demand for chips. this is bloomberg. ♪

haidi: this is "bloomberg daybreak: asia." we just are a few seconds up from the start of trade for japan and south korea, but the focus today really coming through from those numbers on wall street. we had meta, amazon, apple, some pretty mixed outlooks about weakness and apple numbers on china. haidi: and a surprise coming from meta, come at the upper performance, strong profit growth and amazon expected to continue, but it is really the weakness out of china. are there broader concerns over demand for the iphone? we will be watching apple suppliers in these sessions. annabelle: you cannot forget the earnings underway in asia, and we had japanese centers on the docket, but japan coming online. really at the start it